We hardly spoke soon enough, because we have since received a tip that the shift is well underway. It looks like Mallesons is being hit harder than average, compared to the other firms that were named in the earlier report. According to our tipster, a “whole raft” of finance associates from unnamed Mallies offices is shortly to be departing for Linklaters. Whether this signals the opening of an Australian Linklaters office remains to be seen, but it seems a plausible scenario.
Here’s the tip in full — keep the goss coming, whoever you are:
Linklaters has launched its largest ever assault on Mallesons finance practice – its just that Mallesons doesn’t know it yet.
The offers have been made and the contracts countersigned. All that remains is for the bonuses to hit the bank accounts of Mallesons’ finance dissidents before the sleepers say a less than fond farewell to their present overlords.
And it isn’t just one or two that are going – it’s a whole raft….
Before the GFC, A&O was the preferred destination for Mallesons’ finance elite. However, after using Australian associates as cannon fodder to combat the impact of the GFC to preserve partner profits, in some cases dismissing them by email or over the phone (yes, those partners know who they are – shame on you), times have changed. This situation has been exacerbated by A&O’s unimpressive foray into the Australian market (you can take the lawyer out of Clutz, but you can’t take the Clutz out of the lawyer). This has seen lawyers pass over A&O if they also receive an offer from Linklaters.
Let’s face it, after the hell that Linklaters put you through to get an offer (multiple interviews and testing), you are not inclined to pass up the exclusive opportunity to join what is already the most blue chip of magic circle firms.
So the scene has been set for the coming weeks to be quite interesting for us Mallesons staff. I know that I’ll be taking great delight in watching how the tide has turned. For those lawyers left in that department, brace yourself for long hours while you pick up the slack, since you can’t grow a finance associate overnight – something that large firms are only just now coming to appreciate.
If you’re leaving Mallesons for the Pink Giant, tell us why. Moreover, tell the Mallies partners — anonymously — so they know just how many they’re going to lose next week. From the sound of things, they have no idea what’s coming.
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Well done on landing a new job with Linklaters. I hope you enjoy your time in London. Many have gone before and many will follow. But if you think you won’t be used as ‘cannon fodder’ at Linklaters you are on another planet.
“Mallesons’ finance elite”… puke! You draft loan documents (or, more likely, check off CPs). Get over yourself.
It’s only fitting that the bestest lawyers in the whole wide world and the bestest law firm in the whole wide world get together. In fact, Linklater’s can probably only argue that they are now the bestest law firm in the whole wide world because the Mallesons elite have elected to join them. Well done, you sound like such a swell gal/guy …
F – frighteningly
I – imperious
N – non-self aware
A – arrogant
N – nut-scratching
C – clueless
E – egg-headed
E – ego-maniacal
L – lame-ass
I – ignorant
T – thunderc*nted
E – ergophile
Anonymous at 11:28, have you reached your quota for the day?
I’d be surprised if Malleys associates were joining Links as part of a finance led push into Australia for at least two reasons (a) Linklaters strength is in corporate, not finance, especially leveraged finance (vs A&O and CC, which were traditionally viewed as being stronger finance firms); and (b) if they are looking at moving into Australia, I’d be surprised if Links were looking to do so in finance. It would be suicidal for UK firms to attempt to compete for work from domestic lenders in Australia, the market is way too competitive (and firms like AAR, Freehills and Malleys can be expected to price to protect this work – which I admit would be fun to watch).
You’ll work harder at Links (or any other UK magic circle firm) than you do at Malleys (or any other Australian firm). Don’t kid yourself that you won’t get beasted, at least occasionally. Comes with working in a deeper, more sophisticated market with higher volume of bigger deals. As Dorothy said, “we’re not in Kansas anymore, Toto”.
Linklaters doesn’t have a great track record of progressing Australians to partnership at Linklaters. Although some of them have gone on to partnership at other UK firms, so working at Linklaters is likely to be good for your career, provided you don’t see your career as being at Linklaters.
And all this talk about a “major power shift” in the relationship between associates and the firms they work for. I’d rein it in a bit. Relative to people who do real jobs, associates in private practice get paid a shed load. The thought that they might have to work a corresponding amount of hours for that money shouldn’t be spoken of as if it were a fundamental breach of human rights. The fact that partners get paid more is irrelevant. One day a (small) percentage of said associates will become partners, at which point they will no doubt suffer a Damascene conversion from the proto-communism that you seem to espouse. If you’ve been in the job for longer than 2 years you have no right to criticise the model because you’ve now had direct evidence of how it works. If you don’t like it get out (it’s quite liberating). Otherwise, I suggest you accept that you’re moral high ground has been compromised and get on with billing some more time.
@Anonymous at 11:28, definition of the second “N” and “T”, see, lawyers are hopeless at abbreviating anything when they’re not already defined in the pro-forma documents!
i don’t know why finance lawyers always think they are smarter than everyone else. all they do is fiddle with precedents, file ASIC notices and write down what bankers say.
To the original spy: it must be nice to know that you’re part of the elite. I do harbour a sneaking suspicion that MSJ won’t miss you and Linklaters will rue signing you, but I’m sure that’s just my jealousy of you going off to pursue your “unique opportunity”, which would never be available to the likes of me…
Links won’t treat you like a number at all because you are all unique and individual snowflakes. And MSJ won’t be able to replace you and will be brought to its knees by the departure of its “elite” second years.
Magic Circle? Pfft! Sounds dirty. I’m in BIGLAW – the place where all the wannabe Magic/Silver/Brown Circle types wish they could be. Our ‘finance elite’ comprise some of the most brilliant & hard working date-updating, party-name-changing experts on Earth.
Sorry, “your” (not “you’re”) moral high ground. Better improve my proof reading skills if I want to audition for a gig with the finance elite.
Pios Cant: If you’re not at Wachtell. Shut the f&*k up.
To the grammatically awkward Wachtell cheerleader (and why wouldn’t you be if you were at a piddling UK firm): There’s nothing to be ashamed about working at Ohnstad Twichel. Love is in the air!
I think the moral of this story is that regardless of whether you’re a finace lawyer in Australia, England or the US, chances are that you’re a wanker
So once again MSJ is losing key staff. No surprise there. Rumour has it they are struggling to replace legal staff too.
Morale has been in the toilet for years. They don’t engender a culture of achievement, pay below market rates (even though they espouse they pay above market).
Let’s see international firms erode their market share and they shrink below their current headcount of 1300 odd. After the way they treat people, serves them right!
How endearing to see big international firms chip away the market share of Australia’s biggest corporate ratehole. Have a look at MSJ’s jobs site, they’ve had positions advertised for God knows how long but can’t fill them. Who in their right mind would want to take a big pay cut, significantly increase their working hours and get treated like crap to work at this place?
And the comment about paying below market rate is so true – solicitors at some of the small commercial firms (who of course MSJ lawyers sneer at) get paid $10 to $20 grand more a year than MSJ lawyers for significantly less work.
@ Anonymous | 22 June, 2.36pm
But surely it’s worth being paid $10 to $20k less to be part of the elite of Australian banking-and-verification-certificate-compliance-checking!
I hear MSJ are aware of who are the defectors and don’t care too much about the exodus.
Bring in the next cattle-load of drones!
Slaughter and May says hello…
I told you so … http://bit.ly/biglawbigbucks